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|Pursuing a Damage Claim Against the Insurance Company|
Amanda R. Yurechko; Weltman, Weinberg & Reis Co., L.P.A.;
November 10, 2015, previously published on November 2, 2015When utility property is damaged as a result of the actions of a driver or excavator, the insurance company cannot be named in a lawsuit by virtue of the insurance policy itself.1 The driver or excavator is the holder of that insurance policy, and as a result, case law in most states has held that...
|NAIC IUL Illustration Subgroup Proposes Revisions to Actuarial Guideline 49|
Eric A. Arnold, Frederick R. Bellamy, Thomas E. Bisset, Dodie C. Kent, Clifford E. Kirsch; Sutherland Asbill & Brennan LLP;
November 9, 2015, previously published on November 9, 2015On November 3, the National Association of Insurance Commissioners (NAIC) IUL Illustration (A) Subgroup circulated for comment proposed revisions (Proposed Revisions) to recently adopted Actuarial Guideline 49 governing illustrations for indexed universal life (IUL) insurance policies. The Proposed...
|Considerations for Making Beneficiary Designations for Life Insurance, Annuities and Retirement Accounts|
John F. McDermott; Taylor, Porter, Brooks & Phillips, L.L.P.;
November 6, 2015, previously published on October 30, 2015Only 44% of American adults have made a last will and testament. Major reasons given for failing to have a testament are that it is too complicated and that there are too many things to consider. Yet, almost everyone has designated the beneficiary of his life insurance policy or a retirement...
|Homeowners Insurance Assignments of Benefits May Have Finally Met Their Match|
Cristina P. Cambo; Rumberger, Kirk & Caldwell Professional Association;
November 6, 2015, previously published on October 26, 2015Few issues have been so hotly disputed in recent years as the issue of what constitutes a proper “assignment” of homeowners insurance benefits. Historically, the rule of assignment creation in Florida is that any instruction, document, or act that vests in one party the right to receive...
|Texas Sides with a Majority of other States in Finding an EPA Administrative Proceeding Triggers an Insurer’s Duty to Defend, Making California’s Contrary Position an even Smaller Minority Stance|
Hubert T. Lee; Morris Polich & Purdy LLP;
November 6, 2015, previously published on October 29, 2015On June 26, 2015, the Texas Supreme Court in McGinnes Industrial Maintenance Corp. v. The Phoenix Insurance Co., No. 14-0465, (Tex., June 26, 2015) held that an EPA enforcement proceeding constitutes a “suit” that may trigger an insurer’s obligations under a Commercial General...
|Florida Hurricane Catastrophe Fund Issues October 2015 Estimated Claims Paying Capacity Report|
Colodny Fass P.A.;
November 5, 2015, previously published on October 28, 2015Florida's State Board of Administration ("SBA") has posted its statutory October report on the estimated borrowing capacity, estimated claims-paying capacity and projected balance of the Florida Hurricane Catastrophe Fund ("FHCF") as of December 31, 2015. These estimates relate...
|Potential Property Subrogation Opportunities in South Carolina Related to the Recent Historic Rainfall and Flood Damage|
Henry Lee Falls, Hunter C. Quick; Nexsen Pruet, LLC;
November 4, 2015, previously published on October 22, 2015In light of the recent historic rainfall and flooding in South Carolina, Nexsen Pruet’s property subrogation and recovery team would like to advise you of potential subrogation opportunities that may otherwise go overlooked.
|NAIC Task Force Adopts a Cybersecurity “Bill of Rights” Despite Industry Objections|
John S. Pruitt, Laura K. Raden, Mary Jane Wilson-Bilik; Sutherland Asbill & Brennan LLP;
October 29, 2015, previously published on October 29, 2015On October 14, the National Association of Insurance Commissioners Cybersecurity Task Force (NAIC Task Force) adopted a version of the Cybersecurity Bill of Rights for insurance consumers. The Bill of Rights claims to outline the rights insurance consumers can expect when insurers, agents and other...
|Florida Office of Insurance Regulation Publishes Third Annual Catastrophe Stress Test|
Colodny Fass P.A.;
October 28, 2015, previously published on October 26, 2015The Florida Office of Insurance Regulation ("OIR") advised today, October 26, 2015, that it has completed its Catastrophe Stress Test to review the adequacy of reinsurance, capital and surplus of Florida-based property insurance companies.
|Florida Supreme Court Rules Defendants May Not Admit Evidence of Potential Collateral Source Benefits Provided by Social Legislation, Such as Medicare and Medicaid|
Kathy Arline, Kathy Arline, Nicholas D. Freeman, Nicholas D. Freeman, Rod Janis, Rod Janis, Anthony P. Strasius, Anthony P. Strasius; Wilson Elser Moskowitz Edelman & Dicker LLP;
October 28, 2015, previously published on October 23, 2015In John Joerg, Jr., etc., et al. v. State Farm Mutual Automobile Insurance Co., No. SC13-1768 (October 15, 2015), the Florida Supreme Court held that defendants are precluded from introducing evidence regarding collateral source benefits that plaintiffs may receive in the future from social...